On Friday, July 15 the Financial Industry Regulatory Authority’s (FINRA) board of directors voted unanimously to name former Vanguard CEO and current Chairman Emeritus John J. “Jack” Brennan as its new Chairman. Brennan has served as the top FINRA director since 2011 and has held other industry organization board positions.
In June, the board named Robert W. Cook, a former division director at the SEC, to serve as President and CEO. When the two take the helm on or about August 15th of this year, it will complete the leadership transition from Richard G. Ketchum who is retiring after seven years as Chairman and CEO.
It will also mark the division of the CEO and Chairman roles at FINRA. According to coverage of the transition on advisorhub.com, splitting the roles is, “…an apparent bow to corporate governance critics who believe a CEO and chairman’s role should be split.”
FINRA issued a press release announcing Brennan’s election. The release included statements from Ketchum, Brennan and Cook on the transition:
“Throughout his tenure on the boards of FINRA and its predecessor, as well as his many years leading Vanguard, Jack has been a tireless advocate for individual investors and liquid, fair markets,” said Ketchum. “During my tenure at FINRA, Jack has been a trusted adviser and partner, helping us develop a number of important programs to support our mission.”
“FINRA plays such a critical role in safeguarding and educating investors, while upholding the integrity of the most robust capital markets in the world,” said Brennan. “The entire Board and I look forward to working with Robert and all of FINRA’s constituents to accomplish FINRA’s mission.”
“Jack is widely respected throughout financial and regulatory circles as a champion of the individual investor with a commitment to fair, transparent and efficient markets,” Cook said. “He has an unwavering dedication to FINRA and its mission of investor protection and market integrity. I’m looking forward to a productive partnership with Jack and the entire Board of Governors.”
We’ll be keeping an eye on any shifts in policy and rulemaking as the new leadership takes over.
To read the additional source reporting for this post, follow the links below.